May Wang declared bankruptcy on 7 Dec
Capital Vue | Thursday 2010-12-23
December 23 -- The New Zealand Minister for Building and Construction and the Minister of Finance rejected Natural Dairy (NZ) Holdings’ application to acquire Crafar Farms, reports caijing.com.cn. Crafar is the largest private family farm in New Zealand, but its cumulative debt is roughly 200 million NZD.
The move comes after May Wang, the major shareholder of UBNZ Assets Holding and front woman for Natural Dairy, declared bankruptcy on December 7. Natural Dairy had purchased UNBZ Assets Holding in May 2009.
In March this year, Natural Dairy announced it would spend 1.5 billion NZD to purchase more farms in New Zealand through UBNZ Assets Holding.
